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利率市场化、预算约束和金融体制是影响我国资本配置的重要因素。文章运用凯恩斯理论对基于企业规模的资本错配对边际生产率及基于经济周期的资本错配对边际生产率的机理分析进行论述,运用2000—2013年第二产业上市企业的面板数据,研究资本错配和资本边际生产率的关系。实证结果表明,资本错配与边际生产率之间存在着正相关关系,当经济紧缩时,借贷成本高于行业平均值的企业数量明显多于经济扩张时期,反之,经济扩张时期企业资本边际生产率低于经济紧缩时的资本边际生产率。其中大企业的资本边际生产率明显低于中小企业的资本边际生产率,而大企业的资本错配指标值低于中小企业的资本错配指标值。
Market-oriented interest rates, budgetary constraints and the financial system are important factors that affect China’s capital allocation. The article uses Keynesian theory to discuss the mechanism of marginal productivity based on enterprise-scale capital mismatch and marginal productivity based on economic mismatch, and uses the panel data of the second industry listed companies from 2000 to 2013 to study the relationship between capital mismatch and capital The relationship between marginal productivity. Empirical results show that there is a positive correlation between capital mismatch and marginal productivity. When the economy is tightening, the number of enterprises whose borrowing costs are higher than the industry average is significantly more than that of the economy. On the contrary, the marginal productivity of enterprises in the period of economic expansion is low Marginal productivity of capital during economic contraction. Among them, the marginal productivity of capital of large enterprises is obviously lower than the marginal productivity of capital of small and medium-sized enterprises while the mismatch index value of large enterprises is lower than that of SMEs.